FREMONT, Calif., Feb. 2, 2016 /PRNewswire/ -- Avalanche Technology, Inc., the leader in next generation memory technology, today announced it has completed a $23 million funding round. Thomvest Ventures, Vulcan Capital, Rogers Venture Partners, and VTB Capital participated in the round. Complementing its equity investments, Avalanche has a substantial debt facility in place with Horizon Technology Finance. This equity round and debt facility will enable Avalanche's transition from R&D to commercialization and production in 2016, with its family of patent-backed discrete and embedded non-volatile memory products based on STT-MRAM.
"This investment round will enable Avalanche to ramp production and commercialize our disruptive STT-MRAM products," said Petro Estakhri, founder and CEO of Avalanche Technology. "The hard work of the Avalanche development team and our fab partners is apparent; we have been awarded 185 patents and have numerous additional patent filings in process. As a result, we are now bringing our SPMEM discrete products to Tier 1 OEMs and licensing our embedded AvRAM technology to strategic partners. I couldn't be more pleased."
"We are excited with the progress made by the entire Avalanche team. This capital raise underlines and furthers a truly unique and leading technology platform that corners the entire emerging STT-MRAM market," said Will Stewart, General Partner at Rogers Venture Partners. "Given its outstanding feature set, low-cost production model and ability to serve a broad range of applications, I am confident of Avalanche's long-term success in the market," furthered Stewart.
About Avalanche Technology
Avalanche is a disruptive technology company based in Fremont, CA. The Company has developed non-volatile STT-MRAM memory technology with breakthroughs in speed, density, endurance and cost-effectiveness. Now available in discrete form for Tier 1 OEMs and as an embedded license for strategic customers and partners, Avalanche's STT-MRAM is being deployed as a replacement for DRAM and SRAM across many applications, including enterprise storage, consumer wearable devices, Internet of Things (IoT), computing/networking as well as automotive and other industries. Backed by top-tier investors and led by a veteran management team, Avalanche has amassed a distinctive portfolio of circuit, process and system patents. Visit www.avalanche-technology.com for more information. Twitter: @followavalanche
Avalanche Technology, Inc.
SOURCE Avalanche Technology, Inc.